A recent study reveals that banks in the City of London have invested over $100 billion in companies developing large-scale fossil fuel projects, dubbed 'carbon bombs'. These projects, spanning 28 countries, threaten to produce emissions equivalent to more than a decade of global CO2 outputs. Despite the UK's commitment to climate action, the report highlights significant financial backing for these destructive ventures from major banks, contradicting climate ambitions and suggesting a need for stringent regulatory measures to curb funding in harmful fossil fuel endeavors.
Despite the UK's seemingly ambitious climate plans, it is astonishing how much money has flowed from UK banks to companies worldwide developing the biggest climate-wrecking projects since 2016.
Real climate ambition and leadership would mean proper financial regulation not only within the country but also beyond the country's borders by stopping all financial flows to companies exacerbating the climate crisis we all suffer.
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